Questions from Individual Taxation

Q: Under what circumstances does a corporate shareholder receive tax deferral in a

Under what circumstances does a corporate shareholder receive tax deferral in a complete liquidation?

Q: Under what circumstances will a liquidating corporation be allowed to recognize loss

Under what circumstances will a liquidating corporation be allowed to recognize loss in a non-pro rata distribution?

Q: Breslin, Inc. made a capital contribution of investment property to

Breslin, Inc. made a capital contribution of investment property to its 100 percent-owned subsidiary, Crisler Company. The investment property had a fair market value of $3,000,000 and a tax basis to...

Q: Broken Rock LLC was recently formed with the following members:

Broken Rock LLC was recently formed with the following members: What is the required taxable year-end for Broken Rock LLC?

Q: Larry’s tax basis in his partnership interest at the beginning of the

Larry’s tax basis in his partnership interest at the beginning of the year was $10,000. If his share of the partnership debt increased by $10,000 during the year and his share of partnership i...

Q: Joey is a 25% owner of Loopy LLC. He no

Joey is a 25% owner of Loopy LLC. He no longer wants to be involved in the business. What options does Joey have to exit the business?

Q: The president recently vetoed a tax act passed by the House and

The president recently vetoed a tax act passed by the House and Senate. Is the tax act dead? If not, what will it take for the act to be passed?

Q: Under what circumstances will the gain or loss on the sale of

Under what circumstances will the gain or loss on the sale of a partnership interest be characterized as ordinary rather than capital?

Q: For an accrual-method partnership, are accounts receivable considered unrealized

For an accrual-method partnership, are accounts receivable considered unrealized receivables? Explain.

Q: How do hot assets affect the character of gain or loss on

How do hot assets affect the character of gain or loss on the sale of a partnership interest?